By Sarah Qureshi Dec 11 (Reuters) – Gold rose on Thursday to hit its highest level in more than a month after the U.S. Federal Reserve’s quarter-point rate cut pushed the dollar lower, while silver surged to a record high. Spot gold was up 1.2% at $4,280.08 per ounce, as of 01:42 p.m. ET (1842 …
Gold climbs to over one-month high after Fed rate cut; silver hits record high Read More »
By Ashwin Manikandan MUMBAI, Dec 11 (Reuters) – The Reserve Bank of India (RBI) on Thursday removed all restrictions on banks opening and maintaining cash credit accounts under new transaction account rules. “A cash credit account is operationally different from a current or overdraft account,” the central bank said, adding banks may now offer these …
India cenbank eases restrictions on cash credit accounts, eases current account norms Read More »
By Jaspreet Kalra MUMBAI, Dec 11 (Reuters) – The Indian rupee declined to a record low on Thursday, deepening its fall past the 90-per-dollar mark as corporate dollar sales and the lack of tangible progress towards a trade deal with the U.S. hurt Asia’s worst-performing currency. The rupee has fallen more than 5% against the …
Indian rupee slips to record low, but central bank likely curbs losses Read More »
By Bharath Rajeswaran Dec 11 (Reuters) – Indian benchmark shares closed higher on Thursday in a broad-based rebound after the Federal Reserve’s 25-basis-point rate cut, following a three-session slide, even as the rupee slumped to a record low on worries over the lack of a U.S. trade deal. The Nifty 50 rose 0.55% to 25,898.55 …
Indian shares snap losing run in broad rally after Fed rate cut Read More »
By Dhwani Pandya and Elisa Anzolin MUMBAI/MILAN, Dec 11 (Reuters) – Prada will make a limited-edition collection of sandals in India inspired by the country’s traditional footwear, selling each pair at around 800 euros ($930), Prada senior executive Lorenzo Bertelli told Reuters, turning a backlash over cultural appropriation into a collaboration with Indian artisans. The …
Exclusive-Prada to launch $930 ‘Made in India’ sandals after backlash Read More »
By Nishit Navin and Ashwin Manikandan BENGALURU/MUMBAI, Dec 11 (Reuters) – Vartis Platforms, operator of the country’s largest peer-to-peer lending marketplace LenDenClub, is preparing for an initial public offering within 18 to 36 months, chief executive Bhavin Patel said. “We are in preparation mode… and we may target it in next 18 to 36 months …
Indian peer-to-peer lending platform LenDenClub’s parent plans IPO, CEO says Read More »
By Aditi Shah NEW DELHI, Dec 11 (Reuters) – Mexico’s decision to raise tariffs as high as 50% will affect $1 billion worth of shipments from major Indian car exporters, including Volkswagen and Hyundai, despite industry lobbying to persuade New Delhi to prevent such a move, according to two sources and a letter from an …
By Bharath Rajeswaran Dec 11 (Reuters) – Equity mutual fund inflows into the Indian stock market rebounded after three months in November, as improved corporate earnings, stable economic growth and benign inflation powered blue-chips to record highs after 14 months. Inflows rose 21% month-on-month to 299.11 billion rupees ($3.31 billion) in November, data from the …
India’s equity mutual fund inflows rebound in November on strong earnings, low inflation Read More »
By Jaspreet Kalra MUMBAI, Dec 11 (Reuters) – The Indian rupee weakened on Thursday, weighed down by outflows tied to near-term dollar payments by local corporates, which offset the positive impulse from the Federal Reserve’s rate cut and less-hawkish-than-anticipated commentary. The rupee weakened nearly 0.3% to 90.21 against the U.S. dollar, as of 10:30 a.m. …
Rupee weakens as corporate dollar outflows eclipse Fed boost Read More »
Dec 11 (Reuters) – British insurer Prudential said on Thursday it has sold a 4.5% stake in ICICI Prudential Asset Management for 49 billion rupees (about $545 million) ahead of the Indian fund manager’s $1.2 billion IPO that opens on Friday. The fund house is a joint venture between ICICI Bank, India’s second-largest private lender, …
Prudential sells 4.5% stake in Indian asset management JV for $545 million ahead of IPO Read More »
